Westpac have maintained their view for a slightly lower AUD/USD
The bank say that while commodity prices are unlikely to fall they are not looking for further sustained gains. From their morning note:
- Much of AUD/USD's gains have been driven by broad US dollar weakness. But there has also been a partial recovery in Australia's key commodity prices, after very steep declines in April and May. However, beyond multi-week gains, a firmly on hold RBA is likely to keep a lid on AUD/USD, easing to 0.74 by year-end.
